Acts and Regulations

C-28.3 - Cost of Credit Disclosure and Payday Loans Act

Section 42
Disposition versions

Full text
Statement of account
42(1)Subject to subsection (2), the credit grantor shall deliver to the borrower, at least monthly, a statement of account that contains the following information:
(a) the period covered by the statement, which period shall run from the date of the first advance or, if a statement of account has been delivered under this section, from the date of the statement of account most recently delivered to the borrower;
(b) the outstanding balance at the beginning of the period covered by the statement;
(c) the amount, description and posting date of each transaction or charge added to the outstanding balance during the period covered by the statement;
(d) the amount and posting date of each payment or credit subtracted from the outstanding balance during the period covered by the statement;
(e) the annual interest rate or rates in effect during the period covered by the statement or any part of the period;
(f) the total of all amounts added to the outstanding balance during the period covered by the statement;
(g) the total of all amounts subtracted from the outstanding balance during the period covered by the statement;
(h) the outstanding balance at the end of the period covered by the statement;
(i) the credit limit;
(j) the minimum payment;
(k) the due date for payment;
(l) the amount that the borrower must pay on or before the due date in order to take advantage of a grace period;
(m) the borrower’s rights and obligations regarding the correction of billing errors; and
(n) a telephone number in accordance with subsection (3).
42(2)A credit grantor is not required to send a statement of account to a borrower at the end of any period during which there has been no advance or payment if
(a) the outstanding balance at the end of the period is zero, or
(b) the borrower is in default under the credit agreement and the credit grantor has
(i) demanded payment of the outstanding balance, and
(ii) notified the borrower that the privilege of obtaining advances under the credit agreement has been cancelled or suspended due to the default.
42(3)The credit grantor shall, for the purposes of paragraphs (1)(n) and 41(1)(m),
(a) provide a telephone number that the borrower can call to obtain information about the borrower’s account during the credit grantor’s normal business hours without incurring any charges for the call, and
(b) the credit grantor shall ensure that the information is available at the telephone number during those hours.
42(4)A transaction is sufficiently described for the purposes of paragraph (1)(c) if the description in the statement of account, along with any transaction record included with the statement of account or made available to the borrower at the time of the transaction, can reasonably be expected to enable the borrower to verify the transaction.
Statement of account
42(1)Subject to subsection (2), the credit grantor shall deliver to the borrower, at least monthly, a statement of account that contains the following information:
(a) the period covered by the statement, which period shall run from the date of the first advance or, if a statement of account has been delivered under this section, from the date of the statement of account most recently delivered to the borrower;
(b) the outstanding balance at the beginning of the period covered by the statement;
(c) the amount, description and posting date of each transaction or charge added to the outstanding balance during the period covered by the statement;
(d) the amount and posting date of each payment or credit subtracted from the outstanding balance during the period covered by the statement;
(e) the annual interest rate or rates in effect during the period covered by the statement or any part of the period;
(f) the total of all amounts added to the outstanding balance during the period covered by the statement;
(g) the total of all amounts subtracted from the outstanding balance during the period covered by the statement;
(h) the outstanding balance at the end of the period covered by the statement;
(i) the credit limit;
(j) the minimum payment;
(k) the due date for payment;
(l) the amount that the borrower must pay on or before the due date in order to take advantage of a grace period;
(m) the borrower’s rights and obligations regarding the correction of billing errors; and
(n) a telephone number in accordance with subsection (3).
42(2)A credit grantor is not required to send a statement of account to a borrower at the end of any period during which there has been no advance or payment if
(a) the outstanding balance at the end of the period is zero, or
(b) the borrower is in default under the credit agreement and the credit grantor has
(i) demanded payment of the outstanding balance, and
(ii) notified the borrower that the privilege of obtaining advances under the credit agreement has been cancelled or suspended due to the default.
42(3)The credit grantor shall, for the purposes of paragraphs (1)(n) and 41(1)(m),
(a) provide a telephone number that the borrower can call to obtain information about the borrower’s account during the credit grantor’s normal business hours without incurring any charges for the call, and
(b) the credit grantor shall ensure that the information is available at the telephone number during those hours.
42(4)A transaction is sufficiently described for the purposes of paragraph (1)(c) if the description in the statement of account, along with any transaction record included with the statement of account or made available to the borrower at the time of the transaction, can reasonably be expected to enable the borrower to verify the transaction.